Yogurt Market

SHERIDAN, WYOMING, UNITED STATES, February 27, 2024 /EINPresswire.com/ -- According to the latest report by IMARC Group, titled “Yogurt Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” the global yogurt market size reached US$ 120.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 199.7 Billion by 2032, exhibiting a growth rate (CAGR) of 5.6% during 2024-2032.

Factors Affecting the Growth of the Yogurt Industry:

• Health and Wellness Trends:

The global yogurt market is significantly driven by the growing consumer inclination towards health and wellness. As individuals become more aware of the benefits of a healthy diet, there's an increased demand for nutritious food products. Yogurt, being rich in essential nutrients, including calcium, vitamin B-2, vitamin B-12, potassium, and magnesium, plays a crucial role in this shift. Moreover, the probiotics found in yogurt are beneficial for digestive health, boosting immunity, and potentially reducing the risk of various diseases. This health-centric approach has led manufacturers to innovate and expand their product lines to include low-fat, organic, and fortified yogurts, catering to the health-conscious consumer and fueling market growth.

• Innovation in Flavors and Formats:

Innovation is a key driver in the yogurt market, with companies constantly introducing new flavors, textures, and formats to meet diverse consumer preferences and dietary requirements. The development of flavored yogurts, such as vanilla, strawberry, and blueberry, along with exotic and seasonal flavors, attracts a wider audience. Additionally, the introduction of Greek yogurt, which offers a thicker texture and higher protein content, has seen a rise in popularity. The variety in packaging sizes and formats, including single-serve cups, squeezable pouches for children, and drinkable yogurts, enhances convenience and portability, further stimulating market growth.

• Lactose Intolerance and Dietary Restrictions:

An increasing number of consumers with lactose intolerance or those following vegan diets are looking for dairy-free alternatives. This has led to the rise of non-dairy yogurts prepared from almond, coconut, soy, and oat milks. These plant-based yogurts cater not only to those with dietary restrictions but also to a broader demographic seeking to reduce animal-derived products in their diets for health, ethical, or environmental reasons. The expansion of this segment demonstrates the yogurt market's adaptability and responsiveness to changing consumer needs, thereby supporting its growth.

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Top Yogurt Manufacturers Worldwide:

• Lactalis Group
• General Mills Inc.
• Nestle
• Friesland Campina
• Danone
• Yili Industrial Group Co. Ltd.

Yogurt Market Trends:

The growth of the yogurt market is also facilitated by the expansion and diversification of distribution channels. Supermarkets and hypermarkets traditionally dominate the retail space for yogurt sales, offering a wide variety of brands and products under one roof. Also, the rise of online retail platforms and health food stores has made it easier for consumers to access a broader range of yogurt products, including niche and premium brands. This convenience of purchase, combined with the ability to explore and compare different products online, contributes to the market's expansion. Furthermore, the development of robust supply chains and refrigeration technologies ensures product quality and availability, enhancing consumer trust and loyalty.

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Yogurt Market Report Segmentation:

Breakup by Product Type:

• Set Yogurt
• Greek Yogurt
• Yogurt Drinks
• Frozen Yogurt
• Others

Yogurt drinks represented the largest segment by product type due to their convenience, portability, and perceived health benefits, appealing to consumers seeking nutritious on-the-go options.

Breakup by Flavor:

• Strawberry Blend
• Vanilla
• Plain
• Strawberry
• Peach
• Others

Strawberry flavor dominated the largest segment by flavor, as it universally appeals to a wide range of consumer's tastes, from children to adults, and complements the natural tanginess of yogurt.

Breakup by Distribution Channel:

• Supermarkets and Hypermarkets
• Convenience Stores
• Specialty Stores
• Online Stores
• Others

Supermarkets and hypermarkets were the largest distribution channels for yogurt, offering a wide variety of options, competitive pricing, and the convenience of one-stop shopping for consumers.

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Asia Pacific emerged as the largest market by region, driven by a growing population, increasing health awareness, and the rising adoption of dairy products in diets across countries, including China and India.

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About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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